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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  September 14, 2016 3:00pm-4:01pm EDT

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virtual simulation on all of us. what do you think? are we living in a virtual reality in this political reason? i wonder myself. anyway, let me know what you think, go to -- always love hearing from you, you know that. send it over to liz claman, over to you. trish: i'm pinching myself, trish, am i real? trish: definitely. liz: it's the deal of the year and fox business got you way out in front. bayer officially swallows up monsanto creating a mammoth in agriculture and business, will it be able to sell the deal to regulators around the world? charlie gasparino broke the story. he's here and so are the ceos of bayer and monsanto. why they believe they can convince the government bureaucrats to say yes? plus, trump versus the other clinton. president clinton filling in for hillary on the campaign trail while she's out sick.
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our political panel tells us if her high-powered stand-in can stop trump and the cringeful colin powell e-mails that just came out. the dow fumbled a significant gain, we'd be lower if it weren't for the sweet sales and rocking review of the iphone. the dow is down 11 points, let's start the "countdown." breaking news here, the market pendulum is swing all over the place at this hour. from the sea of red, 24 hours ago, that the very moment to a field of green and kind of a wild time for investors. where will stocks land today? with less than an hour for the closing bell, the dow is struggling to hold onto gains, the s&p and the nasdaq are in the green barely. the s&p up 1 1/2 points. as i said the dow down 10, the nasdaq better by 25.
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we have to blame oil for all of this. the crude benchmark is tumbling for the second day in a row. right now down 3% in the after-marketed session. what happened? as we always get on wednesdays, a huge build not in crude but distillates, that is diesel, heating oil, a much bigger than expected flow of oil into the market. we have too much supply. this is what we see. closing at the lowest levels since september 1st. $43.58 a barrel, right now at $43.59 the energy sector is the worst performer among the ten sectors of the s&p 500. look at this price. $112.25. up $4.30 right now for a gain of 4%. the tech giant for the week is up about 9%. that's the biggest three day advance in more than a year.
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what's doing this? the glowing reviews of the iphone 7 and ongoing recall woes of rival samsung, that isn't hurting apple either. jumping along for the ride. skyworks solutions, broadcom, cirrus logic, rallying alongside apple. team fox business coverage. charlie gasparino, yes, he was out there breaking the news on the bayer-monsanto merger finally coming to pass. how close or how far it is from being a done deal? adam shapiro, more fallout from wells faringo, how it mishandled phony bank account scandal. the ceo infuriated people about this and blake burman with the campaign 2016 train. if you don't own either of these stocks, it matters. monsanto agreed to be swallowed
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up by bayer for $66 billion in cash. they were battling in the boxing ring or dancing on the dance floor, wharf analogy you want, monsanto for months fought this and cranked up the offer from bayer and pushed the deal over the line, 128 bucks per share. wait! a string of high-profile agribusiness circling like planes over o'hare, the dow chemical du pont takeover yet, monsanto tried to buy sigentia. getting the green light from government bosses. charlie, you are in the newsroom. you were out front on the deal, whether it's ultimately approveed? >> i don't think it will be. but you know, i can tell you i spoke with bankers not too long ago and you have the two
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principals of monsanto and bayer coming up, they're going to -- the line that they've gotten is they think they see a clear path to regulatory approval in the uk and in the u.s. the u.s., they're going to bayer or bayer, however you say it, will be shedding assets. they believe that will make it more palatable on both sides of the atlantic. the markets are saying no. the deal is trading at 106, 105. it's $128 a share deal. the markets are severely discounting this. listen, i do a lot of m&a work covering this stuff. generally the stock should be higher if you think it's going to go true and a lot of smart people say it's not going to go through. a lot of smart people say it's going through. we're going to have a feature on one. smart people. mike at kramer managing partner
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of a boutique investment bank, a lot of restructureings and bankruptcy deals he was monsanto's lead banker on this, he forced bayer to step up, it went from $122 a share bid to $128, all cash, a good deal. he also got bayer to put in a $2 billion breakup fee, if this doesn't happen, monsanto will get $2 billion from bayer if the regulators say no. the people who know mr. kramer will tell you he feels confident this is going to get through for a lot of reasons, including the fact that it's not as anti-competitive as a lot of people think it is. the thing that kind of gets people worried about this deal from a regulatory standpoint, i don't know enough yet, is the notion of gmo's, monsanto is a
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huge gmo company, they are hated in europe. people might be conflating the gmo issue which is genetically modified foods and the controversy surrounding that, i have no problem with it, with regulatory approval. i wonder if they're misplacing their fears for the deal. something you should ask the bayer and the monsanto ceos. trish: we did, they believe that their deal will get past government gatekeepers, warner baumann and hugh grant reveal what may convince regulators. wait until you hear where the monsanto ceo believes that? interview is coming up in a few minutes. wells fargo in a desperate and frantic bid to save its reputation. we found this headline from the
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sydney morning herald, ceo john stump finds himself mired in scandal. right to the new york stock exchange, adam, you have been covering this, i have to say, he really annoyed people when he blamed the little guys. the workers at the community banks instead of holding some of the managers responsible for this? >> exactly. that was the interview in the "wall street journal" in which he blamed the employees. 5,300 of them, fired since 2011. here's the key for shareholders. the bank has paid this $185 million fines and restitution, about 100 million in fines. the shareholders get hurt because of the fine. executives in charge, nothing has happened and there was an executive in charge of the retail banking division who is retiring over the 30 years. she earned about 125 million in stock and stock options. it's eligible for clawback,
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wells fargo hasn't made a decision what they intend to do. they've been firing employees since 2011, liz. that means they interview in 2011 something w wrong. what did they do about it? the stock's been up by the way, trading up a little bit. but this is going to be a problem for wells fargo going forward because you are hitting the shareholders. that fine comes out of the pockets of the shareholders, not the people in charge of the bank who are supposed to be supervising the employees who stumpf is blaming for what they called illegal, i want to repeat, that they said it was illegal activity. no prosecutions, no executives held accountable. liz: i swear the stock looks like it's about to go negative. exactly flat as you speak. adam. thank you very much. onto politics -- less than an hour ago, former president bill clinton took the
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place of his wife hillary clinton at the university of southern las vegas. nevada matters, hillary clinton remains off the campaign trail for the third day in a row after becoming light headed and stumbling sunday. she's been diagnosed with pneumonia but donald trump is trying to take full advantage of hillary clinton's situation. trump taping appearance on the dr. oz show which the candidate did a live release of the results of his latest physical. that interview is set to air tomorrow. trump is also preparing for a rally in canton, ohio. blake burman with the details how today's campaign battle is shaping up. there is so much news flow right this second, unbelievable. >> you put it best when you said nevada does matter with bill clinton campaigning now. i want to show you a poll just released early this afternoon, couple hours ago, shows hillary
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clinton trailing in that state, down two points, 44-42. nevada is a state that barack obama had won in both 2008 and 2012, did so by six points four years ago, and now it appears trump has a two-point lead there, it is a six-point swing in that one state. that is not the only swing state news on this day, there was a poll released today from bloomberg that takes a look at ohio. in that state, donald trump has a five point edge there, and it's important to point out, liz, that that is the single biggest lead in this entire election process. primary or general that trump has had in the state of ohio over clinton. as you mentioned, she is hillary clinton off the campaign trail to recover from pneumonia, donald trump will deliver a speech in michigan. bill clinton has taken to the stage in his wife's absence in
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nevada and downplayed any potential consequences relating to her absence and he described her condition instead as the flu. listen here. >> i just talked to her, she's feeling great, i think she'll be back out here tomorrow. >> all right! >> it's a crazy time we live in when people think there is something unusual about getting the flu. last time i checked, millions of people were getting it every year. >> clinton's campaign typed up a 20 point tweet storm after there was a lengthy piece questioning whether a potential president trump could be independent from business ties. here was number 19 of 20 of the tweets, the clinton campaign saying quote in some, how will they guarantee a force between american security and his own bank account, he won't pick the latter. a lot going on today. liz: twitter, dr. oz --
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>> i know, i know, i know, welcome to 2016. liz: maybe we need simpler times. blake burman, thank you very much. the dow now down 42 point, look at this red on the screen. apple at the top, ibm and american express dropping the most. all the positive reduce for the iphone 7 and remember we showed you the dunkage in the water. it's working. so investors, analysts and apple buyers like it. but as that's alive, this is not. the epipen scandal headed for capitol hill and we noticed it's on the same day as another huge event, mylan ceo heather bresch set to explain the epipen sticker shock and how she lined her pockets by jacking up the price of the life saving device. real life horror show. look on the screen right now. those aren't just any fish, those are fish killing the fishing business in the great lakes. look at them jumping. they have jumped from the water
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into the boat! what are they? why are they alive and kicking and ruining the great lakes? we're going to take you live to the illinois river to show you that. and it's alive. franken foo brilliant corporate matchup in the making, bayer and monsanto shocking the agriculture community, the ceos tell us why the deal will live and will help farmers and consumers. with this level of engineering... it's a performance machine. with this degree of intelligence... it's a supercomputer. with this grade of protection...
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. liz: we've got a news alert here. very interesting timing. heather bresch, heading to the hill, mylan ceo set to be grilled by the house oversight committee a week from today. we noticed that's the same day that the federal reserve and janet yellen are expected to make the interest rate announcement to hike or not to hike. bresch is the face of mylan's epipen scandal, the pharmaceutical giant under fire for drastic price hikes of 550% over the past nine years for a
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product that costs just $4 to manufacture and desperately needed for people who suffer from fatal allergies. of particular interest to the senate committee the massive salaries of mylan's executive team. ranked 16th in size by market cap and 11th by the private far ma sector and the epipen maker's top five executives saw paychecks totaling $330 million. they're getting paid more than executives in the sea suites of drug gigantors, pfizer, johnson & johnson and eli lilly. we have been covering this controversy from day one, we will continue to bring you every development. we continue to invite heather bresch or anyone from mylan to join us on our air, they have declined our request. the stock is declining too, down about 2%. shares trading down 21 cents to
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$41.70, after the company basically postponed a euro based debt deal until the epipen deal is settled. the megamerger taking wall street by storm and what is the biggest takeover, germanys bayer clinching the deal for rival monsanto for 66 billion. the deal is facing the storm of scrutiny from regulators and investors alike including this bombshell coming from london asset management. analysts are warning that national security of all things could be a big hurtle here as well. national security. i sat down with the two guys who circled each other for months on this deal, bayer ceo werner baumann and monsanto ceo hugh grant why this hits not only farmers but foodies as well.
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>> if you look at humongous challenges of having to produce ever more on a limited acreage to feet an evergrowing population, our purpose is to bring better solutions faster to growers so they can increase yield and feed a rapidly growing population. liz: i find it fascinating, mr. grant, you are the scottish optimistic, mr. baumann, the economics example of the you have been circling each other on the dance floor since may. you battled bayer initially. what got you two to tango? >> well, i think at the end of the day it's about opportunity. this is a great deal for our share owners, this 40% premium, 18 times so it's great for shareholders, but to werner's point more importantly, this is
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a great deal for farmers, farmers are starving for innovation, as we look to this, i've been talking about this for years, that the unlocking the innovation and bringing chemical, seeds, biotechnology and data science together, that's a big piece for the future of our industry. liz: we've got to get to this, the probability of ultimate success of this merger is a question mark. a couple of analysts in the u.s. give it a paltry 50% chance of being approved by regulators. what do you know what the analysts don't that makes you so optimistic? >> well, liz, we have certainly analyzed this whole question of how the companies come together om a regulatory perspective, intensively, individually in both companies. beyond that, together,
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supported by high-level antitrust lawyer support and we are very, very confident that we will be able to get this transaction to a close responding to the regulatory questions we have. and the beauty about the combination it is so highly complementary, from a product perspective, from a technology perspective, and from a regional perspective, and that drives an additional level of confidence in the regulatory clearance going forward. liz: and arguably, the europeans are way more skeptical and suspicious about what companies like monsanto, mr. grant, do. genetically modified seeds are a menace by the french, the germans call it franken food, how do you get around, that mr. grant? >> in europe, we have an excellent seed business that doesn't have biotechnology. we are number one and number
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two in many european areas. we supply what the market's looking for. so i'm optimistic also, and i think we'll have a fair shake with regulators as they look at the opportunity this transaction presents. it's different from a number of the other deals looked at, at the moment, and there is such separation, there's very little overlap between the two portfolios. liz: you say fair shake, i wish you guys the best. really seems like regulators are being really hardheaded about the big mergers. monsanto is the leader in crop science. farmers in the midwest are facing freak weather. louisiana farmers lost crops they haven't seen in deadly floods. they turn to you, where do business guys like you stand on climate change? arguably your companies are the problem solvers during the
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problem floods and drought? >> we think climate change is real, we think agriculture can be a piece of the solution and the transaction lifts the game for sustainable agriculture for decades to come. this is a win for growers as well as a win for share owners. liz: the clock starts ticking now with the regulators. we'll be watching and waiting along with you. thank you so much, mr. baumann, mr. grant. appreciate it. good luck. >> thank you very much. thanks for having us. liz: both of the stocks are moving to the upside. not so for the dow industrials, lower by 55. 11 points away from dipping below 18,000. don't go away, more "countdown" coming right back. so what else is new? how's your mother? umm..she's doing good. she needs more care though. she wants to stay in her house.
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i don't know even where to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird. whenpneumococcal pneumonia, it was huge for everybody. she just started to decline rapidly. i was rushed to the hospital. my symptoms were devastating. . . rom them. if i had known that a vaccine could have helped prevent this, i would have asked my doctor about it. it's a very specific moment, the launch window. we have to be very precise. if we're not ready when the planets are perfectly aligned, that's it. we need really tight temperature controls. engineering, aerodynamics- a split second too long could mean scrapping it all and starting over. propulsion, structural analysis- maple bourbon caramel. that's what we're working on right now.
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who's with me? i'm in. i'm in. i'm in. i'm in. ♪ ♪ one, two, - wait, wait. wait - where's tina? doing the hand thing? yep! we are all in for our customers. ally. do it right. liz: at the top of the hour the session low was not minus 70. it hit just down 70 for the dow jones industrials. we have fumbled all gains.
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by the way those gains were as high up 96 points. we now have a pretty significant swing going on here. we're watching this closely. we're speaking to charlie brady, our resident genius around here. he is a saying look to oil. when oil falls and entire energy sector false, it drags down many of the names not just in the dow but the nasdaq. let's get to this stunning story. cover the children's eyes. there is war in the great lakes. multibillion-dollar industry. asian carp population which has grown to unmanageable levels. these carp were imported from asia in 1973 to eat unwanted parasites. yes. unintended consequences, austin. they have done such a good job, reproduced so quickly, fisherman are using high-powered means to curb the carp, explosion, because, jeff flock they're ruining rivers you're on there.
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the lakes are just destroyed. what is in there? reporter: this is the front line in the war on asian carp. you're looking at about 5,000 pounds of these fish. you're right, they are just extremely prolific. these guys here, commercial fishermen pulling them in. they don't get much for these they're bony fish. difficult to use although trying to come up with new markets for this. but i tell you, liz. these have been so prolific. they are just everywhere. they eat everything. and drive out the local native fish. that is what a carp looks like about it way. they can get up to 100 pounds, smiling at you. when they jump, by the way, you have seen pictures of the jumping. got to show you, we were out here a short time ago. here is what it looks like. pretty crazy. >> whoa. >> i got one. [inaudible].
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liz: high jumpers. reporter: pretty nuts out there. what you're looking at, liz, that is brain surgery going on. these are researchers from the university of illinois, fish physiology exist, gathering brain samples, hitting them on all fronts to find ways to stress the carp. but very difficult to stress them. nothing seems to stress them. these are an amazing fish. liz: can somebody eat them? make a new sushi dish? >> they taste better than tuna, they say, they have so many bones in there, hard to process them unlike tuna. that is part of the problem. they do make now carp hotdogs, which they're trying to get a market for. liz: no, thank you. hmmm. although corner hot dog guy might be able to sell some of those in new york. that is just crazy. >> they will buy anything in new york. liz: glad, i'm not going home with you tonight. whew.
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thanks, jeff flock. reporter: can be arranged. liz: no laughing matter. huge fishing industry on the great lakes. we're 28 minutes away. south korean shipping giant hanjin underwater an possibly taking americans dreams of happy holidays out with it? steve tanker telling us how worried shoppers should be. a can't miss "countdown" exclusive. bill clinton pitching in for his wife on the campaign trail as donald trump round the bases. both candidates face criticism from one of our nation's most respected military voices. sharp curves in the 2016 race far from over. democratic strategist marianne marsh and a republican strategist are here as campaigns push the pedal to the metal. more "countdown" coming right
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away. i'm hillary clinton and i approve this message.
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he's a race-baiting, xenophobic, religious bigot. donald trump is a phony, a fraud. he's not a serious adult. i can't vote for donald trump given the things that he said. trump should not be supported. i believe he's disqualified himself to be president. i just cannot support donald trump.
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with new cabinets this wfrom this shop,house, with handles designed here, made here,
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shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. they all have insurance crafted personally for them. not just coverage, craftsmanship. not just insured. chubb insured. liz: missing when adam was talking, looked like wells fargo would be negative. it reversed. gone down nearly 1%. breaking news. federal prosecutors are now investigating wells fargo over the post accounts. it could even in the early stages lead to something criminal. let's get to adam at the nyse. adam. reporter: that is correct, according to "the wall street journal," sources in the new york u.s. attorney's office in the southern district here in manhattan as well as california telling
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"the wall street journal" they are indeed investigating wells fargo. that they have issued subpoenas over the sales tactics by employees at wells fargo called sandbagging. where they would open accounts they did not have permission to open on behalf of clients. then move money that belonged to their customers into those accounts without telling them. those accounts would incur fees, sometimes overdraft e wells fargo settled for $185 million with the consumer financial protection bureau. now the u.s. attorney's office in new york and california sending those subpoenas to wells fargo. it is in the early stages but could lead to a criminal inquiry. all along the key issue has to be answered here the bank was firing employees, those are the same employees the ceo blamed for this problem. the bank was firing them starting in 2011. all the way through to now. if the bank knew in 2011 to fire people for doing this, what did the bank do to stop it if anything? and if the bank didn't do anything, why not?
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liz? liz: oh, boy. the ceo's charm offensive on cnbc didn't quite work apparently. we'll be watching this. adam shapiro, thank you very much. also breaking moments ago, we just had our cameras catch donald trump, who landed in flint, michigan, moments ago, walking in to take a tour of the city of flint water treatment plant. you know of course that flint had this terrible situation of lead in the water. nobody did anything about it for a long time. donald trump there, taking that tour. this as he gains ground in the state next door, ohio. even nevada, according to new polls. let's bring in democratic strategist marianne marsh and republican strategist, john thomas. concurrently, president bill clinton on the offensive for hillary clinton. marianne, i begin with you. donald trump is of course in flint. bill clinton just spoke, stepping in for hillary. what happens now? there are a whole bunch of darts being thrown at the hillary campaign as it pertains to
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things like colin powell's emails that have been hacked. it's a big deal. >> better to be hillary clinton right now than it is donald trump. let me tell you why. you look at polls. election were today, hillary clinton would win the white house with 272 electoral votes. you only need 270. and wouldn't have to win florida, ohio, nevada, or iowa. she has had a tough couple days. maybe a tough week but it is better to be hillary clinton right now than it is to be donald trump if you're trying to win the white house. liz: marianne, i was watching you yesterday on fox business. i thought she is so good but that spin, i have to say -- >> that is fact. that is a fact. liz: he is ahead in nevada and ohio and. >> right. and i didn't said she have to win either one he have them. liz: looks like a swelling here. >> no. here's where marianne correct and la-la land. the election isn't held today. the election is held november. we look at polling they are
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snapshots in times and look at trendlines. the trendlines are undisputedly going in donald trump's direction. this race is not tightening. it is going towards donald trump. national polls have been saying that for a few days now but, the battleground states are even saying that. so look, if you project out, based upon these trendlines, look, trump wins in november. that is what the polls are telling us. liz: things can change too. i want to say, you never know. changes moment by moment on this one. it's a historic election that being said, we weren't even joking earlier, you guys. we have the twitterverse but more importantly hacked emails. d.c. hacks, have ties to the russians. hacked colin powell, former secretary of state's email. we can put some of these up. i don't know, is this a draw or a win or a loss for hillary clinton? this one looks like a loss for her. i told her how i was using my personal computer for unclassified emails. i said nothing about servers, basement, domains, clinton
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foundation, government employees. then there's this. benghazi, well, there is this one too. the sad thing, hillary clinton could have killed this two years ago by merely being honest. then here's the one may be a positive for her. from colin powell and condoleeza rice. benghazi is a stupid witch-hunt, quote. basic fault false on courageous ambassador who thought libyans now love me, i'm okay in this vulnerable place. these emails would harm or support do they give? i don't know. marianne? >> well, look, i think what colin powell said about donald trump was the most damning thing, basically calling him a racist and one of the worst things that ever happened. if you think colin powell has standing with voters, he was really, condemned donald trump and as an african-american, who went up the ranks of military but highest of many presidential administrations, that should tell you everything. so when you look at this race, i
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disagree with my nice friend the republican strategist here. hillary clinton has lots of options to win this race, and lots of different states. donald trump has to run the table. he has to win, put it that way, hillary clinton has a good a chance to win arizona and georgia today as she does to win new hampshire. that tells you everything. liz: john, last word? >> i think colin powell's comments on benghazi are not as relevant at emails are. colin powell had no interaction with donald trump. but in fact clinton said that he did advise her on his private server. just north example, liz, hillary clinton lies about everything, even her hydration levels. liz: well, on that -- >> donald trump hasn't give inus anything yet. liz: again, as i said, it is unlike anything else we've ever seen. >> correct. >> we agree. liz: thank you for adding your comments to this. marianne, john, great pleasure. >> always a pleasure. liz: maria bartiromo has an interview with gop
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vice-presidential candidate mike pence on mornings with maria. specifically 8:30 a.m. eastern. closing bell the we're about 15 minutes away. the dow is down 40 points. had been up 90. what happens? doesn't matter what is in the rear view. if it closes below 18,000. first time it happens since july 7th. we're at 18,025 at the moment. elon musk's dreams to control the space race with the explosion of the rocket on your screen but the silicon valley titan not giving up. spacex already ready to relaunch? back here on earth, santa claus beware, bankrupt shipper hanjin holding up delivery of billions of dollars of retail items, threatening the holiday rush. we thought we would bring in steve tanker redded to talk
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about the holiday hookup. don't go away.
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liz: spacex preparing already for relaunch after that unexpected explosion of one of its rockets two weeks ago. spacex says it will take to the stratosphere once again in november with its falcon 9 rockets. new launch date occurring three months after the explosion that destroyed an a satellite owned by israeli firm, space.com. interesting it would be one that would be used by facebook. neither of those two was happy but maybe a new relaunch might help. from outer space to the high seas, still nearly $14 billion worth of cargo stuck on those ships bound for retail stores. they're held at sea, not by pirates but by the hanjin bankruptcy.
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hanjin is the world's 7th largest shipping company. its failure has port workers refusing to still unload most of the hanjin ships. some of them have been done. most due to fears they won't get paid. let's bring in a man whose business relies on shipping and smooth sailing in the global supply chain, tanger ceo, steve tanger. this is disconcerting. what are you watching with the hanjin bankruptcy? >> first, hi, liz, thank you for having me back. we deal with the most sophisticated designers in the world. i'm sure they have contingent plans and work with many different distributors and sources of supply. this is not the first time it's happened. a year or two ago there was a major dock strike. liz: we remember. >> there is always something but we deal with really sophisticated people and i'm sure that product will be on the shelves in time for christmas. liz: you don't sound worried about hanjin at all? >> i am not worried.
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liz: that's the headline but also too, what is going on with the u.s. consumer who has gotten a lot smarter since the financial crisis. they learn to love deals in good times and bad. that's what you do. tell me about back to school. how did it go? what are you expecting for the next couple weeks? >> back to school was excellent. the centers not affected by the hurricane experienced three to 4% traffic increases which is really, really good. that should carry through till christmas. stores like, manufacturers like nike, under armour, women's accessories, michael kors, kate spade, coach, even children's wear, carter's children wear and other brands in main juror categories did very well. liz: we should change the banner to leggings and laptops. those seem to be the two top items. spin forward to november and black friday.
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are you hearing among your big stores in your chains what they're going to do? will they be opening on thanksgiving night? what is the trend for tanker? what can people expect? >> everyone of our 475 tenants have a different strategy. most of them will open at some point thursday afternoon of thanksgiving. some will go all the way through the night. some will close during the night. but it's a little bit too early to tell. liz: sometimes that trend waxes and wanes, doesn't it? >> yes, it does. liz: steve, thank you. good to see you. >> thank you, liz. liz: i say that because we need a healthy consumer. >> the consumer is healthy and they want bargains and we're the place to find them. liz: good to see you, steve tanger. watch more of our interview with tanger outlet ceo, steve tanger on lizclaman.com with the specific out look for christmas week. we're down 31 points for the dow jones industrials. 18,035 where we stand. don't go away. we'll introduce you to a fund
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♪ liz: the s&p just turned negative too. the fact we're having a very rough ability over all for any investor how to gauge where the markets are going. how is it my next guest managing to nearly triple what the s&p has done year-to-date. let me you introduce to you josh at alpine funds. and your portfolio, it is unbelievable. your global infrastructure fund is up 10% year-to-date with the s&p up 4%. explain to people what you're doing at a time the dow is down 400 on friday, up couple hundred points on monday, you know what we did yesterday, so is look at this. >> we look for companies defensive, great cash flows and infrastructure is the core of an economy. it is how an economy grows. we need to build more infrastructure and we truly believe we're in the early
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innings of the infrastructure build globally. it is one thing that could stimulate the economy. central bank policy for nine years since the lehman crisis has not worked. we have not produced the growth. so we believe fiscal stimulus is the next, fiscal policy is the next step. with a focus on infrastructure. melissa: your belief is that not just the u.s., which already went in with an $830 million, quote, infrastructure play that didn't really get there, you think that maybe that might come with the next president, real infrastructure, that is how you're building this portfolio? >> that is part of the portfolio without a doubt. one thing democrats and republicans agree on. one thing both candidates agree on. they have talked about spending on infrastructure. we think it is the place to be. like i said it is early innings. melissa: it is the place to be. three names you're invested in heavily, we can put these up on the screen, are making you guys a lot of money and have great dividend. we have a spanish company. they operate toll roads in the
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u.s. you say they're negotiating with the denver airport and american tower. all with big dividends. >> all on the, it has a 3 1/2% dividend and the other has 2%. they're all growing free cash flow which we. liz: look at a day like this. we were up 96 and down 48. what is this about? >> jitters over the election and economy slowing down and realization central bank policy has not worked and we need fiscal policy. liz: election, really? >> uncertainty around it. investors don't like uncertainty. liz: does wall street like one candidate over another? not you, i say generally. >> depends on the health care sector. the health care sector would be negative if hillary won. twins might be positive if trump wins. i think struck are struck -- infrastructure will be positive
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no matter which candidate wins. liz: that is excellent point. josh dietz of the alpine funds. [closing bell rings] word of an investigation breaking in the last hour of wells fargo that could lead to a industrial inquiry. david and melissa, "after the bell." guys? david: thank you. melissa: stocks ending the day mixed with the dow and s&p sinking for the second day. the dow dropping below 18,000. i'm melissa francis. whoa. david: this is wild day. i'm david asman this is "after the bell." we have you covered on big market movers. here is what else we have in the packed hour. donald trump speaking in flint, michigan right now. questions over hillary clinton's health and her insults to trump supporters dinging her in some major swing states where donald trump is now in the lead. this is trump reveals the results of his recent physical exam at a taping of the "dr. oz" show. it won't air until tomorro

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